I hope Goa`s corrupt Politicians can firstly read and understand this article and then take notice that they are being watched. Like those Dictators in Egypt, Tunisia and Libya + others their day of reckoning will come. The Churchills, Monserattes, Ranes, Madkaikar, Dhavalikars, Kamats, Naiks etc better watch out.
We Goans are coming at the right time to place you where you truly belong.....and all the stolen money must be returned. Your children will have to do this too. Instead of a BMW car...please put your deposit for a VW car. Instead of a Penthouse, look forward to a "COURT HOUSE". Instead of a QUEENY NAGAR...look forward to a NOVASAGAR Chemical. Instead of owning MINES...look forward to rearing SWINES. *****
India court alarm over 'theft of national money'
India's underground economy accounts for 50% of GDP, the report says Continue reading the main story
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India's Supreme Court has said that the practice of illegal funneling of wealth overseas by Indians is a "pure and simple theft of national money".
The court also asked what the government was doing to retrieve the illegal money in foreign banks. US-based group Global Financial Integrity has said that India has lost more than $460bn in such illegal flight of capital since Independence.
It said the illicit outflows increased after economic reforms began in 1991. The report also said that almost three-quarters of the illegal money that comprises India's underground economy ends up outside the country.
India's underground economy has been estimated to account for 50% of the country's GDP - $640bn at the end of 2008.
Wednesday's remarks by the Supreme Court came when it was hearing a petition filed by a former federal Law Minister Ram Jethmalani and others on the alleged inaction of the government in bringing back illegal money parked overseas by rich Indians and companies.
In response, India's Solicitor-General Gopal Subramaniam submitted a sealed cover containing 16 names of individuals and companies who had accounts with a Liechtenstein-based bank.
"This is all the information you have or you have something more! We are talking about the huge money. It is a plunder of the nation," remarked Justice B Sudershan Reddy.
'Mind-boggling crime'
"It is a pure and simple theft of national money. We are talking about [a] mind-boggling crime.
Mr Subramaniam said the government was taking measures to bring back the illegal money, but said there were difficulties in sharing the information because of confidentiality treaties between countries. "All we want is that you give all the information about the money deposited in the foreign banks by Indians. You cannot confine the petition to one bank," Justice SS Nijjar said.
The court has fixed 27 January as the next date of hearing.
Global Financial Integrity said the illegal flight of capital through tax evasion, crime and corruption had widened inequality in India. High net-worth individuals and private companies were found to be primary drivers of illegal capital flows.
Mining of natural resources is one of the areas of looting the wealth of the Nation and may be a major chunk of this is getting deposited in tax haven countries. What the Britishers or Portuguese could not do in hundreds of years. our so called servants of the masses did the huge loot --many times more --in just 64 years of independence...It is a shame that no government has tried sincerely to bring this huge National wealth of over 400lakh crores back in the country. It is time the people pressurise the MPs to enact a legislation to hang these corrupt criminals................
ReplyDeleteSome have already started wetting their pants. Read the interview with Churchill on Herald two days ago. The reporter asked him if he is sure of the support for him in Navelim. He says 90 percent of the people in Navelim are with him but there are some forums forums have come up whose people are trying to tarnish his image and put him down. I can guess that he is referring to Niz Goenkar. Niz Goenkar has become a thorn for him and I'm sure giving him sleepless nights.
ReplyDeleteGoa's politicians have no fear of anything, not even of God. Some of them are busy arranging pilgrimage trips to holy places only to fool the people. The same people will never ask them how did they made so much money but enjoy the trip.
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